Heliostar’s New Parallel Panel Yields 16m Grading 11.2 g/t Gold within 147m Grading 4.1 g/t Gold at Ana Paula Project

November 8, 2023
312

Heliostar Metals Ltd. ()

TSX.V: HSTR | OTCQX: HSTXF | FRA: RGG1

Highlights:

  • Hole AP-23-309

             – 147.05 metres @ 4.13 grams per tonne (g/t) gold including

             – 16.0 metres @ 11.2 g/t gold in the Parallel Panel

  • Hole AP-23-308

             – 14.8 metres @ 5.06 g/t gold in Parallel Panel

             – These results will not be included in the updated mineral resource estimate the Company expects to announce later this month and represents the potential for further resource growth

Heliostar Metals Ltd. report results from two diamond drill holes at the Parallel Panel target at the Ana Paula Project in Mexico (“Ana Paula”). These two holes are the first to specifically test the Parallel Panel target, which is 50 metres north of the High Grade Panel, after the Company identified it as new zone of high-grade mineralization over the last few months.

“Ana Paula continues to outperform our expectations.  The Company’s improved understanding of the gold mineralization led to the recent recognition of a new Parallel Panel only 50 metres north of the High Grade Panel.  Today’s results are wide, with high-grade mineralization. In hole AP-23-309, the High Grade and Parallel panels almost connect, returning 147m at 4.13g/t gold which remains open to depth.  The Company continues to test its growth targets and remains on target to deliver a resource update this month.  These new successes demonstrate that the upcoming resource estimate may already be underplaying the true potential of Ana Paula.”

Heliostar CEO, Charles Funk

Drill Results

Today’s results are the first to specifically target the Parallel Panel.  The locations step out from recent drill intercepts and test the target with the optimal north-south orientation. The new holes demonstrate good continuity of width and grade within the Parallel Panel.  The gold intercepts demonstrate the strong potential for continued resource growth at Ana Paula.

Hole AP-23-309 is at the eastern end of the currently defined Parallel Panel and returned 147.05 metres grading 4.13 g/t gold from 37.5 metres downhole (Figure 1).  Within that, the hole encountered 16.0 metres grading 11.2 g/t gold from 77.0 metres downhole in the Parallel Panel target.

The intercept continues downhole into the High Grade Panel with the two zones almost connecting to create the very long intercept (Figure 2). The hole encountered additional subzones of high-grade gold in the High Grade Panel. Those include 7.0 metres grading 14.5 g/t gold from 112.4 metres downhole and 8.6 metres grading 8.70 g/t gold from 153.5 metres downhole.

Hole AP-23-308 tested the Parallel Panel over 140m west of hole AP-23-309.  It is the only hole within the local area that was drilled at the optimal north-south drilling orientation and retuned 14.8 metres grading 5.06 g/t gold.  This intercept is open in all directions within the plane of the panel.  In the area of AP-23-308, the Parallel Panel is clearly a discrete zone. It is located in the footwall and separate from the High Grade Panel.

Figure 1: An East-West section through Ana Paula highlighting the Parallel Panel target.  Heliostar results labelled.  Results reported in this release in red box.

Drilling Results Table

HoleIDFrom
(metres)
To
(metres)
Interval
(metres)
Au
(g/t)
Comment
AP-23-308112.95127.714.755.06Parallel Panel Target
Including 122.4127.75.311.7Parallel Panel Target
And 157.0175.118.12.3Parallel Panel Target
AP-23-309 37.5184.55147.054.13Parallel and High Grade Panel
Including 76.092.016.011.2Parallel Panel
And Including112.4119.47.014.5High Grade Panel
And Including153.5162.18.68.70High Grade Panel
Table 1: Significant Drill Intersections

Drill Progress

Upon completion of hole AP-23-309, the Company moved the drill rig and completed two holes at the West Breccia exploration target.  After West Breccia, the focus will return to the Parallel Panel target where step out drilling is planned from today’s results.

Figure 2: A cross section with the resource model from 2023 PFS1 highlighting the High Grade Panel (clipped to greater than 5g/t resource blocks). Heliostar results labelled with new holes in red box and Parallel Panel shown.

Drill Hole Information Table

Hole IDNorthing
(WGS84
Zone 14N)
Easting
(WGS84
Zone 14N)
Elevation
(metres)
Azimuth
(°)
Inclination
(°)
Length
(metres)
AP-23-308410,0451,997,961943354-44201.0
AP-23-309410,1861,998,098904180-55201.0
Table 2: Drill Hole Details

Quality Assurance / Quality Control

Core samples were shipped to ALS Limited in Zacatecas, Zacatecas, Mexico for sample preparation and for analysis at the ALS Laboratories in North Vancouver.  Each of these ALS facilities are ISO/IEC 17025 certified. Gold was assayed by 30-gram fire assay with atomic absorption spectroscopy finish and overlimits were analysed by 50g fire assay with gravimetric finish.

Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analysed as part of the Company’s quality assurance / quality control protocol.

Statement of Qualified Person

Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.

About Heliostar Metals Ltd.

Heliostar is a junior mining company with a portfolio of high-grade gold projects in Mexico and Alaska.

The Company is developing the 100% owned Ana Paula Project in Guerrero, Mexico. In addition, Heliostar in conjunction with the Mexican federal and local government, is working to permit the San Antonio Gold Project in Baja Sur, Mexico. The Company continues to explore the Unga Gold Project in Alaska, United States of America.

The Ana Paula Project deposit contains proven and probable mineral reserves of 1,081,000 ounces of gold (630,000 proven and 451,000 probable ounces) at 2.38 grams per tonne (“g/t”) gold and 2,547,000 ounces of silver (1,322,000 proven and 1,226,000 probable ounces) at 5.61 g/t silver. Ana Paula hosts measured and indicated resources of 1,468,800 ounces of gold (703,800 measured and 765,000 indicated ounces) at 2.16 g/t gold and 3,600,000 ounces of silver (1,637,000 measured and 1,963,000 indicated ounces) at 5.3 g/t silver. The asset is permitted for open-pit mining and contains significant existing infrastructure including a portal and a 412-metre-long decline.

References

  1. An updated prefeasibility study titled “Ana Paula Project NI 43-101 Technical Report Preliminary Feasibility Study Update” was filed on SEDAR on April 6, 2023, with an effective date of February 28, 2023, prepared for the Company by Daniel H. Neff, PE, Art S. Ibrado, PhD, PE, Richard K. Zimmerman, RG, SME-RM, Craig Gibson, PhD, CPG, Andrew Kelly, P.Eng., Gordon Zurowski, P.Eng., Paul Daigle, P.Geo., Gilberto Dominguez, PE and James A. Cremeens, PE, PG.

For additional information please contact:

Charles Funk

Chief Executive Officer

Heliostar Metals Limited‬

Email: [email protected]

Rob Grey

Investor Relations Manager

Heliostar Metals Limited‬

Email: [email protected]

Follow us on Social Media to receive emerging news updates:

Follow us Facebook: https://www.facebook.com/miningIR

Follow us Twitter: https://twitter.com/MiningirMedia

Follow us Instagram: https://www.instagram.com/miningir/

Follow us on LinkedIn: https://www.linkedin.com/company/miningir/

Disclaimer
MiningIR hosts a variety of articles from a range of sources. Our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.
James Hyland, MiningIR
Share